Rarible introduces toll-free NFT embossing

NFT Rarible Marketplace has introduced a new feature called “Lazy Minting” that promises users the ability to create unusable tokens for free – while improving the sustainability environment on the platform.

Instead of the traditional method of storing data on the blockchain immediately after it is imprinted, Rarible announced on Monday that, under its new scheme, NFTs “are imprinted not at the time of creation, but at the time of creation, but rather at the time of creation to buy. It is the buyer who pays for the gasoline when they buy this item. ”In this case, the data is stored on a decentralized peer-to-peer storage system called IPFS.

Amid the influx of new retail entrants into the NFT space last year, a large segment has been plagued by persistently high gas fees on the Ethereum network, raising barriers to entry and diverting many investors into the NFT space – alternative blockchains like Solana.

According to data from Rarible Analytics, the current average gas price on Rarible for minting a single ERC-721 token is 0.022ETH, or $ 82.26 at current prices. Indeed, this is an opportune time to mine the platform compared to the regular periods of high network activity when gas charges can add up to hundreds of dollars.

Because of this, the Rarible implementation is being welcomed by the community as a positive initiative, although its potential impact on the broader market is still unknown.

Related: Rarible’s daily transactions are falling rapidly

Popular crypto exchanges Coinbase, FTX and Binance are among the latest iterations of crypto companies expressing their intention to develop products and services in the NFT space. Coinbase has garnered massive social attention for the upcoming launch of its NFT marketplace, registering 1.1 million email logins in the first 24 hours. After a week it is now 2.35 million.

To give this number a better context, OpenSea has recorded over 263,000 unique users and a total volume of over 3 billion US dollars on the leading NFT marketplace in the last 30 days.

According to its latest shareholder report, Coinbase had 68 million verified users and 8.8 million monthly active users in the second quarter of 2021.

Analytical data from DappRadar shows that RARI, the platform’s native token, has seen positive growth over the past month since Rarible recorded 10,100 unique users in a 30-day period, up 80% from its year-end lows in late September to date value of about $ 22.20.